U.S. Construction Spending Dips Slightly More Than Expected In May
(RTTNews) - Construction spending in the U.S. decreased by slightly more than expected in the month of May, according to a report released by the Commerce Department on Tuesday.
The Commerce Department said construction spending fell by 0.3 percent to an annual rate of $2.138 trillion in May after slipping by 0.2 percent to a revised rate of $2.146 trillion in April. Economists had expected construction spending to edge down by 0.2 percent.
The continued decrease in construction spending came as spending on private construction slid by 0.5 percent to an annual rate of $1.627 trillion.
Spending on residential construction decreased by 0.5 percent to an annual rate of $888.9 billion, while spending on non-residential construction declined by 0.4 percent to an annual rate of $737.7 billion.
Meanwhile, the Commerce Department said spending on public construction inched up by 0.1 percent to an annual rate of $511.6 billion.
While spending on educational construction rose by 0.2 percent to an annual rate of $111.8 billion, spending on highway construction fell by 0.3 percent to an annual rate of $143.2 billion.
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